Josh Kushner

But while I was at Goldman, there were days where I was working 20 hours a day, and then there were days where there was absolutely nothing to do because it felt like the world had stopped during the global financial crisis. And I got introduced to a company called Hot Potato, which ended up selling to Facebook, ironically. And I asked him if I could invest in the business.

But while I was at Goldman, there were days where I was working 20 hours a day, and then there were days where there was absolutely nothing to do because it felt like the world had stopped during the global financial crisis. And I got introduced to a company called Hot Potato, which ended up selling to Facebook, ironically. And I asked him if I could invest in the business.

And he said, of course, but you need to convince my venture capitalist. And I said, that sounds great. I didn't really appreciate what venture capital was as an industry at the time. So I ended up speaking to this firm and I ended up being general catalyst. And they said, well, while you're at HBS, why don't you come by for a coffee? So I did that. And I thought I was coming for a coffee.

And he said, of course, but you need to convince my venture capitalist. And I said, that sounds great. I didn't really appreciate what venture capital was as an industry at the time. So I ended up speaking to this firm and I ended up being general catalyst. And they said, well, while you're at HBS, why don't you come by for a coffee? So I did that. And I thought I was coming for a coffee.

And they effectively offered me a job. And I didn't join them. But after school, I would go and I'd hang out at their office and learn from them. And in between my first and second year of business school, the three of them effectively said, we think you could be really good at this. We want to give you a million dollars to invest on your own.

And they effectively offered me a job. And I didn't join them. But after school, I would go and I'd hang out at their office and learn from them. And in between my first and second year of business school, the three of them effectively said, we think you could be really good at this. We want to give you a million dollars to invest on your own.

And I feel really grateful to them because in many respects, this is not something that I knew that I could do. I was working at Goldman the year prior buying distressed credit. I just feel so lucky that they did that for me.

And I feel really grateful to them because in many respects, this is not something that I knew that I could do. I was working at Goldman the year prior buying distressed credit. I just feel so lucky that they did that for me.

But that was an extraordinary, extraordinary thing because it enabled me to have the capacity to just meet with founders, both in New York as the ecosystem was taking off, but also on the West Coast around the time that the iPhone was introduced. And as a result of that, I was able to invest in some really great companies. that enabled Thrive to get off the ground.

But that was an extraordinary, extraordinary thing because it enabled me to have the capacity to just meet with founders, both in New York as the ecosystem was taking off, but also on the West Coast around the time that the iPhone was introduced. And as a result of that, I was able to invest in some really great companies. that enabled Thrive to get off the ground.

Towards the end of my time at school, General Catalyst introduced me to Andy Golden, who is the CIO of Princeton. And similarly, I think Andy saw more in me than I saw in myself. And he really spent time with me talking to me about what I wanted to do and what I wanted to build.

Towards the end of my time at school, General Catalyst introduced me to Andy Golden, who is the CIO of Princeton. And similarly, I think Andy saw more in me than I saw in myself. And he really spent time with me talking to me about what I wanted to do and what I wanted to build.

And he had this really powerful line that really resonated with me, which was as firm scale, they start to lose a sense of who they are. They start to focus on AOM. They start to focus on doing things that they weren't necessarily good at in the beginning. That leads to the vicious cycle. The vicious cycle is you have a lower cost of capital.

And he had this really powerful line that really resonated with me, which was as firm scale, they start to lose a sense of who they are. They start to focus on AOM. They start to focus on doing things that they weren't necessarily good at in the beginning. That leads to the vicious cycle. The vicious cycle is you have a lower cost of capital.

The lower cost of capital leads to lower human capital, less ambitious people. Less ambitious people leads to lower returns, and it just leads to mediocrity. And I came back to him and I said, well, Andy, what if I told you what I dreamed Thrive would be in 10 years from now? And I started doing that today.

The lower cost of capital leads to lower human capital, less ambitious people. Less ambitious people leads to lower returns, and it just leads to mediocrity. And I came back to him and I said, well, Andy, what if I told you what I dreamed Thrive would be in 10 years from now? And I started doing that today.

And I pitched him this idea of being this opportunistic vehicle that had the capacity to invest across stage sector and geography. And keep in mind, this is at a moment in time in which you're either an early stage firm or a later stage firm. You're either a software firm or a consumer firm. You're either a European firm or a US firm.

And I pitched him this idea of being this opportunistic vehicle that had the capacity to invest across stage sector and geography. And keep in mind, this is at a moment in time in which you're either an early stage firm or a later stage firm. You're either a software firm or a consumer firm. You're either a European firm or a US firm.

Yeah. So the idea of actually having a fund that actually could build companies, invest in companies early and invest in companies late was so deeply unconventional. I feel really lucky that he saw it and he understood it. But what has enabled us to do is do the exact same thing from when we started the fund till today. Our first institutional fund was $40 million.

Yeah. So the idea of actually having a fund that actually could build companies, invest in companies early and invest in companies late was so deeply unconventional. I feel really lucky that he saw it and he understood it. But what has enabled us to do is do the exact same thing from when we started the fund till today. Our first institutional fund was $40 million.